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Pretty excited for this chunk of change. After spending what seemed like an eternity fighting with Turbo Tax about all four of my jobs, I’m looking at getting just over $400 back. Four C-notes. Four hundred bones. Not a bad cash out considering how little I made this year/the fact that I didn’t declare any of my tips (if you’re reading this, IRS, I’m just kidding. Don’t audit me.) Now, the responsible side of me is telling me to toss that money directly into my savings, or maybe pay off some of my credit card bill. I have to say though, the irresponsible side of me is making a lot of noise about using it for fun instead.
Maybe I’ll pickup some lift tickets so I can finally shake the dust off my snowboard or get a stationary bike for when it’s too cold out for me to make it to the gym. Maybe I’ll drop the whole check at the Nike outlet store and look fresh to death for the next year. Whatever I end up doing, I gotta spend it ASAP before I accidentally waste it all on bar tabs.
What are you planning on spending yours on? .
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Nick Arcadia
The opposite of a life coach. Email or DM me if you want some bad advice: nickarcadiapgp@gmail.com
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Student loans. So the government just gets their money back. Yay
Getting $1960 back, using it to pay off $1900 in credit card debt, one tank of gas and a sandwich.
Either you’re in an independent contractor or your company is really, really bad at that whole withholding thing.
I’m at the bottom of my tax bracket, but I got fired in April so the month with no income got my YTD just under the cusp of that bracket
I used to get 4 to 6K back. Fuck. That. Company.
How is that humanly possible? Do you travel a lot and turn it all in as a business expense or something? I’m at 41K and owe at least 2 bills every year WTF
I am getting close to 12k back. High property taxes, mortgage interest, married which helps with deductions, charitable donations, high 401k which lowers your taxable wages.
Shutting down SeaWorld
Putting it in a Roth IRA. PGP
I recently discovered my new employer isn’t withholding local taxes, so I will be spending my federal tax refund on my local tax liability. Very exciting.
#PGP
Strippers, gambling and coke.
You mean happy hour?
No place I’d rather spend a Tuesday night than the back room at VIPs.
Do you live in la ?
Still waiting on that W-2, hopefully can repeat last year’s $37 haul.
Woah, double digits.
As your friendly neighborhood CPA, I can advise you that having your refund/additional payment be as close to $0 as possible is generally the best outcome for tax planning.
What is your advice for one to not have to pay taxes, but still receive a 4-figure return?
It doesn’t exactly work that way.
A little tax 101: you always have to pay taxes and have amounts withheld from your paycheck. By “pay taxes,” I mean take whatever your annual salary is and your rate (you can find these tables released by the IRS). Multiply one by the other and that’s your annual tax liability.
Say for example that you will make $60,000 and your tax rate for simplification is 25%. That means you owe $15,000 in taxes for the full year. You get portions of this withheld from your paycheck, this is controlled by the amount of allowances you put on your W-4 at work.
Now, say whatever number you put (usually, the higher the more is deducted in taxes from each paycheck) resulted in you paying a total of $16,000 from a year’s worth of paychecks. Congrats! You just earned yourself a $1,000 refund because you overpaid your taxes by $1,000. Conversely, if you didn’t pay enough, say you only paid $13,500, you’ll owe an additional $1,500 by that wonderful April 15th deadline.
I’ll just steal some SS’s and call it a day.
*SSN’s.
If you want a large refund and are single, file single zero, basically claiming zero deductions. Usually gets me back about ~2k. Which I then use to pay my accountant for doing taxes and pay whatever godforsaken states I worked in their extra state tax they want from me.
Paid off my student loans in full this year in only 1.5 years. Now trying to replenish my depleted savings. PGPM.
I did the same thing last November. It’s the best feeling in the world knowing your fun coupon balance just went way up.
Rounds of tequila for the bar in hopes I’ll get lucky
Nice investment strategy there. I like it.
Can you write that off as a capital loss if you don’t close? Asking for a friend.
Going towards a new motor for the ol’ miata
RX-7 swap?
Fuck rotaries. Spec miata race motor
only people who knock rotary engines are the ones who don’t know how to handle rotary engines
The only people who like rotary engines don’t know the difference between HP and torque. Just wait till that VTEC kicks in. You’ll get it.